"Denying our industry the same rights as enjoyed by every other sector would be terribly unfortunate," one email reads. (Photo: SumOfUs/flickr/cc)
May 27, 2016
A series of emails released Friday show what activists describe as "collusion" between U.S. Trade Representative Michael Froman and Wall Street executives to push for the passage the controversial Trans-Pacific Partnership (TPP).
The emails (pdf), obtained through a Freedom of Information Act (FOIA) request by the group Rootstrikers, which organizes against money in politics, include a message to Froman from a managing director at Goldman Sachs urging him to push for "robust commitments" on Investor-State Dispute Settlement (ISDS) provisions--which allow private corporations to sue governments for perceived loss of profits--to be included in the divisive trade deal.
"I wanted to underscore how important it is for the financial services industry to get robust commitments on ISDS in the agreement... denying our industry the same rights as enjoyed by every other sector would be terribly unfortunate," the email states.
Another mentions it would be "good for the U.S." if lawmakers in U.S. Congress passed Trade Promotion Authority (TPA), also known as "fast track," which would allow the president to send trade deals to the House and Senate for a yes-or-no vote, rather than allowing them to make amendments to the agreements.
"Will do what I can to assist," reads the email from the Goldman Sachs lobbyist, sent in February 2015--just a few months before the Senate passed TPA in what opponents called a "great day for corporate America."
Froman responded that he would assign a staff member to be in contact with Goldman Sachs' lobbyist team, and that he would "welcome the chance to pick your brain" on the equally controversial Transatlantic Trade and Investment Partnership (TTIP).
Rootstrikers--which is part of a newly launched financial reform coalition called Take On Wall Street--also noted that Froman, then chief of staff to the Treasury Secretary, was "instrumental" in the 1999 repeal of the Glass-Steagall Act, which created a firewall between the investment and commercial banking sectors, and has maintained a friendly relationship with the financial industry during his time as trade rep.
As the American Prospect reported in June 2015, under Froman's leadership, "more ex-lobbyists have funneled through USTR, practically no enforcement of prior trade violations has taken place, and new agreements like TPP are dubiously sold as progressive achievements, laced with condescension for anyone who disagrees."
Kurt Walters, campaign director at Rootstrikers, said Friday, "Wall Street knows it can get favors in closed door negotiations that could never survive the light of day in Congress. One thing has been consistent during Michael Froman's frequent trips through the Wall Street-to-Washington revolving door: He's repeatedly used his official positions to deliver for his friends at the biggest banks on Wall Street."
"It's fair to ask whether Froman is negotiating on behalf of the American public or to benefit the financial sector that gave him a massive golden parachute bonus upon his shift from Citigroup executive to U.S. Trade Representative," Walters added, noting that Froman received more than $4 million upon leaving Citigroup in 2013.
Froman repeatedly ignored calls by Rootstrikers to release the emails as public opposition to TPP began to grow in recent years. A USTR representative said in 2015 that Froman has "been very clear, on repeated occasions, in public and in private, that this administration will do nothing that puts at risk the Wall Street reforms."
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Our Summer Campaign is now underway, and there’s never been a more urgent time for Common Dreams to be as vigilant as possible. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Nadia Prupis
Nadia Prupis is a former Common Dreams staff writer. She wrote on media policy for Truthout.org and has been published in New America Media and AlterNet. She graduated from UC Santa Barbara with a BA in English in 2008.
A series of emails released Friday show what activists describe as "collusion" between U.S. Trade Representative Michael Froman and Wall Street executives to push for the passage the controversial Trans-Pacific Partnership (TPP).
The emails (pdf), obtained through a Freedom of Information Act (FOIA) request by the group Rootstrikers, which organizes against money in politics, include a message to Froman from a managing director at Goldman Sachs urging him to push for "robust commitments" on Investor-State Dispute Settlement (ISDS) provisions--which allow private corporations to sue governments for perceived loss of profits--to be included in the divisive trade deal.
"I wanted to underscore how important it is for the financial services industry to get robust commitments on ISDS in the agreement... denying our industry the same rights as enjoyed by every other sector would be terribly unfortunate," the email states.
Another mentions it would be "good for the U.S." if lawmakers in U.S. Congress passed Trade Promotion Authority (TPA), also known as "fast track," which would allow the president to send trade deals to the House and Senate for a yes-or-no vote, rather than allowing them to make amendments to the agreements.
"Will do what I can to assist," reads the email from the Goldman Sachs lobbyist, sent in February 2015--just a few months before the Senate passed TPA in what opponents called a "great day for corporate America."
Froman responded that he would assign a staff member to be in contact with Goldman Sachs' lobbyist team, and that he would "welcome the chance to pick your brain" on the equally controversial Transatlantic Trade and Investment Partnership (TTIP).
Rootstrikers--which is part of a newly launched financial reform coalition called Take On Wall Street--also noted that Froman, then chief of staff to the Treasury Secretary, was "instrumental" in the 1999 repeal of the Glass-Steagall Act, which created a firewall between the investment and commercial banking sectors, and has maintained a friendly relationship with the financial industry during his time as trade rep.
As the American Prospect reported in June 2015, under Froman's leadership, "more ex-lobbyists have funneled through USTR, practically no enforcement of prior trade violations has taken place, and new agreements like TPP are dubiously sold as progressive achievements, laced with condescension for anyone who disagrees."
Kurt Walters, campaign director at Rootstrikers, said Friday, "Wall Street knows it can get favors in closed door negotiations that could never survive the light of day in Congress. One thing has been consistent during Michael Froman's frequent trips through the Wall Street-to-Washington revolving door: He's repeatedly used his official positions to deliver for his friends at the biggest banks on Wall Street."
"It's fair to ask whether Froman is negotiating on behalf of the American public or to benefit the financial sector that gave him a massive golden parachute bonus upon his shift from Citigroup executive to U.S. Trade Representative," Walters added, noting that Froman received more than $4 million upon leaving Citigroup in 2013.
Froman repeatedly ignored calls by Rootstrikers to release the emails as public opposition to TPP began to grow in recent years. A USTR representative said in 2015 that Froman has "been very clear, on repeated occasions, in public and in private, that this administration will do nothing that puts at risk the Wall Street reforms."
Nadia Prupis
Nadia Prupis is a former Common Dreams staff writer. She wrote on media policy for Truthout.org and has been published in New America Media and AlterNet. She graduated from UC Santa Barbara with a BA in English in 2008.
A series of emails released Friday show what activists describe as "collusion" between U.S. Trade Representative Michael Froman and Wall Street executives to push for the passage the controversial Trans-Pacific Partnership (TPP).
The emails (pdf), obtained through a Freedom of Information Act (FOIA) request by the group Rootstrikers, which organizes against money in politics, include a message to Froman from a managing director at Goldman Sachs urging him to push for "robust commitments" on Investor-State Dispute Settlement (ISDS) provisions--which allow private corporations to sue governments for perceived loss of profits--to be included in the divisive trade deal.
"I wanted to underscore how important it is for the financial services industry to get robust commitments on ISDS in the agreement... denying our industry the same rights as enjoyed by every other sector would be terribly unfortunate," the email states.
Another mentions it would be "good for the U.S." if lawmakers in U.S. Congress passed Trade Promotion Authority (TPA), also known as "fast track," which would allow the president to send trade deals to the House and Senate for a yes-or-no vote, rather than allowing them to make amendments to the agreements.
"Will do what I can to assist," reads the email from the Goldman Sachs lobbyist, sent in February 2015--just a few months before the Senate passed TPA in what opponents called a "great day for corporate America."
Froman responded that he would assign a staff member to be in contact with Goldman Sachs' lobbyist team, and that he would "welcome the chance to pick your brain" on the equally controversial Transatlantic Trade and Investment Partnership (TTIP).
Rootstrikers--which is part of a newly launched financial reform coalition called Take On Wall Street--also noted that Froman, then chief of staff to the Treasury Secretary, was "instrumental" in the 1999 repeal of the Glass-Steagall Act, which created a firewall between the investment and commercial banking sectors, and has maintained a friendly relationship with the financial industry during his time as trade rep.
As the American Prospect reported in June 2015, under Froman's leadership, "more ex-lobbyists have funneled through USTR, practically no enforcement of prior trade violations has taken place, and new agreements like TPP are dubiously sold as progressive achievements, laced with condescension for anyone who disagrees."
Kurt Walters, campaign director at Rootstrikers, said Friday, "Wall Street knows it can get favors in closed door negotiations that could never survive the light of day in Congress. One thing has been consistent during Michael Froman's frequent trips through the Wall Street-to-Washington revolving door: He's repeatedly used his official positions to deliver for his friends at the biggest banks on Wall Street."
"It's fair to ask whether Froman is negotiating on behalf of the American public or to benefit the financial sector that gave him a massive golden parachute bonus upon his shift from Citigroup executive to U.S. Trade Representative," Walters added, noting that Froman received more than $4 million upon leaving Citigroup in 2013.
Froman repeatedly ignored calls by Rootstrikers to release the emails as public opposition to TPP began to grow in recent years. A USTR representative said in 2015 that Froman has "been very clear, on repeated occasions, in public and in private, that this administration will do nothing that puts at risk the Wall Street reforms."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.